(2)Further explanations are contained in Note 28 ‘Explanatory statement’ to the financial statements.

(a)The variations are mainly due to an underspend in employee benefits expense as the Commission responded to the adoption of corrective measures and the Agency Expenditure Review.

Working cash targets

Category

2016/2017

Agreed limit(1)

$000

2016/2017

Target/

actual

$000

Variance(2)

$000(b)

Agreed working cash limit (at budget)

6492

12 710

6218

Agreed working cash limit (at actuals)

10 191

12 710

2519

(b)The 2016/17 budget agreed working cash limit varied significantly to the 2016/17 actual as a result of reductions in employee benefits expense and the pooled reductions in other expenditure such as professional services. This variation underpins the variation to targets.